TOKYO--(BUSINESS WIRE)--The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) hereby announced that it has reached a settlement with the UK Prudential Regulation Authority (“PRA”), pursuant to which it will make a payment of GBP17,850,000.
The settlement relates to BTMU’s failure to notify the PRA of BTMU’s discussions with the New York State Department of Financial Services (“DFS”) that culminated in a November 2014 consent order between BTMU and the DFS.
BTMU has cooperated fully and openly with the PRA throughout the investigation. BTMU expresses its regret for these historic breaches. Mitsubishi UFJ Financial Group, Inc. has taken decisive action to improve its information controls and intra-group communication on regulatory matters. BTMU is committed to conducting business with the highest levels of integrity and regulatory compliance and to continuing to improve their policies and procedures.